05:49 PM EST, 11/06/2024 (MT Newswires) -- Sun Communities ( SUI ) said Wednesday it has identified and plans to implement a restructuring program for annualized savings of between $15 million and $20 million on a run-rate basis.

The cost-cutting measures include operating expense management and implementation of identified efficiencies and savings to the cost base heading into 2025.

Additionally, John McLaren is returning to the company full-time as president to oversee the restructuring and implementation of cost-cutting measures. McLaren has been with Sun for 22 years and was its chief operating officer for 14 years until mid-2022.

The executive appointment comes as Gary Shiffman, the company's chairman and chief executive officer, informed the board of his intention to retire in 2025, after 40 years.

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